Being an entrepreneur is undoubtedly a risky profession. You’re in the business of taking a start-up from the ground up in the hope that it will grow, stabilize, and become profitable. Any successful start-up requires an excellent business plan, based on reliable information and sound money management. Do any of these traits sound like you? If you’re a card player, it may well have struck a chord because there are many traits that card players exhibit that could translate into the world of business.
Always Looking to Minimize Losses
The trait that most long-term winning card players have is knowing when to minimize their losses. They acknowledge that it’s impossible to win every single hand they play and it’s critical to have enough chips or cash behind them to live to fight another day.
Minimising losses and overheads is also key for any successful entrepreneur to ensure their start-up business can deal with any bumps in the road, such as quiet weeks or months in business. Having contingency funds in place to maintain the cash flow is key when you’re just starting out and looking to increase exposure.
Keen to Get Reads on the Competition
Although you don’t need to get reads on card games when you’re just playing the dealer, poker requires players to understand the competition. They must look for tells that their opponents are bluffing or making mistakes. An analysis of past poker hands is also vital to learn from mistakes and improve long-term decision-making.
In business, having an insight into competitors is invaluable. It helps you to understand the risks they are prepared to take and the ones they won’t. Recently, world-leading entrepreneur Jeff Ma discussed how blackjack skills overlapped in his business world, including making data-driven decisions.
Adaptable and Dynamic
Being a successful entrepreneur is all about being dynamic and flexible. Long-time blackjack players will have had to be quite flexible to change their playing style from the classic variation with eight 52-card decks to contemporary versions, such as Double-Deck and Premium.
Card players’ playing styles will also differ depending on who their opponents are. In poker, experienced players might play more aggressively against newcomers to the table. It’s the same in a business where established businesses seek to flush out the inexperienced, ill-prepared competitors. Any effective business plan always takes into consideration the other significant players in the marketplace.
In card games and business, bad beats will happen. It’s how you deal with those poor cards that make you a winning card player or a successful business start-up. Managing your emotions and avoiding ‘tilt’ is essential in both walks of life.
Adopting a gentle, professional approach to winning and losing ensures that you maintain your dignity and a sense of respect, both in the world of business and at the card table. Entrepreneurs and card players who can accept that losses will occur in life are more likely to be prepared to take calculated risks in the hope of striking a fortune.
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